Jack Ma announced that Daniel Zhang will replace him as co's Chmn

Jack Ma will step down as executive chairman of Alibaba Group Holding Ltd. in exactly 12 months time with Chief Executive Officer Daniel Zhang to succeed him at Asia’s most valuable company. Ma will remain on the board until Alibaba’s annual meeting of shareholders in 2020, the Hangzhou-based company said in a statement Monday. His retirement as executive chairman will coincide with his 55th birthday.